Property management involves handing over the responsibility of maintaining and overseeing the daily operations of one’s real estate assets. If you haven’t got a lot of time to focus on dealing with the needs of your real estate assets, hiring the services of a property manager is an ideal solution. Here’s a look at some of the duties and responsibilities of a property manager.
Rent Collection
Property managers collect rent from tenants. If you rent out an entire building or several properties, it can be tedious to check if all of your tenants have paid right or on time. Getting an experienced property manager to handle this task for you ensures that you only need to check your account to see if the money is there.
Property Maintenance
Dealing with a tenant’s request for repairs is easy when you have a property manager to handle them and address those needs. Your property manager will also take care of hiring qualified repair contractors to fix the problem.
Deal with Tenants
Tenants who default on their payments or violate rules are subject to an eviction notice. Your property manager can take care of that, from sending the notification letters to the tenants to starting the eviction process. You won’t need to worry about dealing with the nightmare.
Market the Property
After you’ve gotten rid of problem tenants, you now have vacancies in your building. Your property manager will market the unit or property until s/he finds new tenants.
Screen Prospective Tenants
To avoid any repeat of problems involving your last few tenants, a good and experienced property manager takes the time to screen prospective tenants. Do they have a good track record with their former landlords? Are they credit-stable? If they have pets and there’s a strict pet policy in the building, your property manager will observe if they comply with the rules or not.
Record Keeping
Your property manager will keep records of everything that’s happening at your property, from the recent repairs to any issues that affect the tenants. With those records, it’s easy to track down incoming and outgoing expenses tied to your real estate assets.
Choose a Property Manager
Look for a property management firm that offers the services you need. Find a local firm to make meet-ups easier. A local company will also know the property rules and regulations that need to be followed, ensuring that your building won’t be cited for any violations.
If you need assistance with commercial real estate management in Phoenix, contact Everyday Investments Realty for help.